G-20 concerned with the growth of oil prices

The forum delegates asked oil exporting countries to explain reasons of the major growth of oil prices in the world and to outline their further steps in settling the issue

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MEXICO, February 27 (Itar-Tass) —— Participants in the meeting of finance ministers and heads of central banks of the G-20 countries expressed major concern about the present growth of oil prices, Russia’s Finance Minister Anton Siluanov said on Monday.

The forum delegates asked oil exporting countries to explain reasons of the major growth of oil prices in the world and to outline their further steps in settling the issue, Siluanov said. A representative of Saudi Arabia, a major oil exporting country, said in response that oil prices are not connected “with supply-demand issues.” The thing is the lack of oil in the international market. Political events bump up the prices, Siluanov said, quoting the representatives of Saudi Arabia.

“Everybody agreed with it, and did not raise the issue again,” the minister said.

Siluanov added that during discussions with their counterparts the Russian delegation stressed that is stands “for rather stable international oil prices.”

“We, being an oil exporting country, do not benefit from any major price fluctuations, we have been supporting planned regulations of the price policy,” Siluanov said.

Over the past week alone, international oil prices grew by six percent. A barrel of Brent crude in London hit 125.47 dollars, a barrel of Light Sweet crude oil at the New York Stock Exchange was traded at the level of 109.77 dollars.